Oil prices tumbled on Wednesday as financial markets slid amid concerns that Washington’s plans for import tariffs could spark a trade war, and after U.S. government data showed an increase in crude inventories and output.
Brent crude futures for May delivery fell $1.45 to settle at $64.34 a barrel, a 2.20 percent loss. Brent traded between $63.83 and $65.80 during the session.
West Texas Intermediate (WTI) crude futures for April delivery fell $1.45 to settle at $61.15 a barrel. It fell 2.3 percent on the day, its biggest daily percentage loss since Feb. 9, and traded between $60.58 and $62.58.
The resignation of Gary Cohn, economic adviser to U.S. President Donald Trump, who was seen as a bulwark against protectionist forces in the government, triggered a drop in Wall Street’s three main stock indexes and tempered investor risk appetite. Oil has recently moved in tandem with the equity market.